Strong demand for four-door SUVs priced at £300,000.
Ferrari’s profits have surpassed €1bn (£850m), for the first ever , as wealthy drivers spend lavishly on luxury SUVs.
The Italian automaker reported a record-breaking net profit in 2023 of nearly €1.3bn, an increase of over a third from the previous year.
Ferrari reported that sales were driven by the strong demand for the Purosangue SUV. Production was still in its “ramp-up” phase during the second half of this year.
Ferrari’s Purosangue is the first four-door, four-seater vehicle. It costs £313,000. The luxury brand describes the car as one of its most spacious and comfortable vehicles to date. It can still reach 60mph within 3.3 seconds.
The 296 and SF90 sports car families also saw a higher number of deliveries last year.
Ferrari was able to increase the prices of many of its models, as wealthy customers ignored rising inflation rates and interest rates.
Benedetto Vigna said in November that the demand for Ferrari’s products was so high, its order book covered all of 2025.
On Thursday, Mr Vigna stated: “2023 has been a very successful and fruitful year. We have strengthened our brand by achieving a number achievements, which are reflected in the unprecedented financial results.
“We have an important year ahead in the execution and planning of our business plan. It is proceeding on time, according to its carefully prepared path.”
Ferrari, known for its 12-cylinder engine, is also navigating the shift to electric vehicles, which is upending automotive industry.
Last year, the company delivered 11 models of internal combustion engines and four hybrid models . This represented respectively 56pc and 44% of sales.
Ferrari plans to release its first all-electric vehicle in late 2025. It expects that traditional engines will represent only a fifth or less of sales by the end the decade.
In the home of the Prancing Horse, Maranello, a new factory focusing on electric cars and components for hybrids is currently being constructed. The factory is expected to be finished by June.
In 2023, the number of vehicles shipped increased by 3.3pc to 13,663 as a result of a growing demand for cars in North America. This was offset by fewer vehicles being exported from mainland China and Hong Kong.
The net revenues increased by more than 17pc, to €5,9bn. This was due to higher prices and volumes as well as Formula 1 revenue.
There were reports that Lewis Hamilton was set to join Ferrari Formula One team in 2025.
When his contract with Mercedes expires in 2019, it is believed that the seven-time champion will join the Italian team.